US HealthCare Practice Leader
Providing care and managing patient safety risks are only one part of the equation for physician groups. An array of other risks confront physician practices, including: regulatory compliance ― from HIPAA, to coding and billing, to HITECH; worker injury and employers’ liability; and management liability. Atop these exposures, medical malpractice risk looms large.
Healthcare's move to value-based care will shift more financial risk to providers. This will challenge many physician groups' financial performance, and potentially strain groups' ability to deliver quality care consistently.
Between business risks, patient safety risks, and the complex regulatory and technology environment, physician groups are increasingly vulnerable to the evolving risk landscape.
Our healthcare risk specialists have extensive experience in prioritizing your risks and designing comprehensive solutions to support physician groups like yours.
Proliferation of electronic health records (EHRs) and practice management systems have resulted in physician groups holding significant amounts of sensitive personal data. Private health information has historically been an attractive target for cyber criminals, making data breaches a serious concern. In addition, the rising frequency and severity of ransomware attacks mean that physician groups are at greater risk of disruption. A ransomware attack that locks out physicians' access to patient data, for example, can halt a medical practice and deprive patients of needed care. Integration of multiple systems and networks as physicians join larger practice groups also can leave gaps in cybersecurity, exposing the group to cyber losses.
Marsh's healthcare risk specialists can help practices like yours to identify, assess, and mitigate cyber and technology risks.
Healthcare is a heavily regulated industry, with significant penalties for non-compliance as well as exposure to litigation. For example, failure to monitor and maintain coding and billing accuracy can lead to claims of fraudulent billing. Because there is no time limit on reviews of records, old liabilities can surface and cause financial losses. Physician groups also should focus on clinical practice standards to reduce variations in care and improve patient outcomes. Declines in care quality can have negative financial implications in the value-based care environment, from a regulatory standpoint as well as private lawsuits.
Physician groups are businesses that not only deliver medical care but also strive to generate returns for their members. Running a medical business entails patient safety risks as well as other risks in the day-to-day administration of the group. Some insurance solutions that can protect physician groups' people and assets are:
Marsh’s healthcare risk specialists have experience and tools to help practices like yours to better manage risks, so you can focus on delivering quality care and serve more patients.
US HealthCare Practice Leader